This is a very common question I receive from small businesses on a weekly basis. If you were to ask that question 10 years ago, my answer would have been a lot different. In the past, there were very few employee benefit options for small businesses, but the landscape has changed.

Many of the major benefit providers who traditionally offer plans to large groups have enhanced their product offerings in the small group market to meet the needs of the growing small business community in Canada. Now, small businesses can obtain a full suite of benefits with very few limitations.

Many clients wonder what might happen if the claim levels of their small group escalate within the year. Not to worry. Benefit providers pool claims with other businesses of similar size and industry, so significant rate fluctuations are limited for small a business obtaining benefits for the first time.

With growing diversity in the workplace, meeting the needs of every employee can be challenging, even in small businesses. Employers might consider implementing a Health Spending Account to provide an element of choice for employees. Also, new plans are being introduced that have an element of choice built right into the plan.

As 98% of businesses in Canada are small businesses, benefit providers have spoken: You are not too small for a benefits plan. In fact, for small businesses they are flexible, they are affordable and they are sustainable.

– KB